Nigeria increased petrol imports to their highest level in 14 months in November, as traders rushed shipments into the country ahead of a proposed import tariff that the government later scrapped.
According to Kpler data, Nigeria imported 1.1 million tonnes of petrol, equivalent to about 310,000 barrels per day, the highest volume since September 2024. Imports rose 74% from October, when inflows had already reached a five-month high.
European suppliers dominated the trade. Cargoes from the European Union, the United Kingdom, and Norway totalled 962,000 tonnes, or roughly 260,000 barrels per day, during the month.
Shipments from the Netherlands reached 460,000 tonnes, their highest level since April 2023, following changes to the country’s fuel export specifications.
Traders said European sellers accelerated deliveries ahead of a planned 15% import tariff on road fuels, scheduled to begin on 21 November. However, the Nigerian government later cancelled the tariff, citing risks to supply security and higher costs for consumers.
Cargo bookings surged in early November. This increase lifted petrol margins in northwest Europe to a 26-month high, with prices trading at a premium of more than $28 per barrel over crude futures.
Refinery maintenance across Europe tightened supply and boosted blending demand. As a result, blending economics improved sharply. The petrol-to-naphtha spread widened to an 18-month high of $228 per tonne in mid-November.
